📌 PIB Press Release | June 2, 2026 | Ministry of Commerce & Industry / DPIIT
India is overhauling one of its most widely used price benchmarks — and if you are an exporter, importer, or customs broker, this change directly affects your contracts, cost calculations, and trade pricing from June 15, 2026.
The Government of India has approved the revision of the Wholesale Price Index (WPI) base year from 2011–12 to 2022–23. Alongside this, brand new Producer Price Indices (PPIs) will be launched. Both will be released by the Office of Economic Adviser, DPIIT on June 15, 2026 at 12:00 noon.
What Is Changing and When?
The existing WPI series (base year 2011–12) will be replaced by the new WPI series (base year 2022–23) from June 15, 2026. At the same time, three new Producer Price Indices will be released for the first time in India:
✅ Output Producer Price Index (OPPI) — measures price changes from the producer/seller side
✅ Input Producer Price Index (IPPI) — measures price changes on raw materials and inputs used
✅ Service Producer Price Index (Service PPI) — covers 7 key services: Banking, Securities, Insurance, Pension Funds, Railways, Air Passenger, and Telecom
The old WPI will continue to be published alongside PPI for 5 years from June 15, 2026, giving businesses time to transition. After that, WPI will be discontinued and PPI will be the official benchmark — in line with IMF recommendations and global best practices.
Why Does This Matter for Exporters and Importers?
WPI is not just a government statistic. It is directly embedded in the day-to-day business of Indian trade:
📦 Export and import contracts often include WPI-linked price escalation clauses — meaning your contract prices automatically adjust based on WPI movements. A base year change resets the index baseline and can affect how escalation is calculated.
📋 Customs valuation and duty calculations for certain goods are influenced by wholesale price benchmarks.
💰 Working capital and credit assessments by banks and trade finance institutions use WPI as a reference for commodity pricing.
📊 Government procurement and infrastructure contracts involving traded goods use WPI escalation — relevant for exporters supplying to government-linked buyers.
Just as Indian exporters are navigating the new RBI EXIM Guidelines 2026 which overhaul FEMA export-import compliance, this WPI revision adds another layer of regulatory change to prepare for before June 15.
Key Highlights of the New WPI Series (Base 2022–23)
1. More Items Covered
Items tracked have increased from 697 to 957 — a 37% expansion. This means the new index better reflects the actual basket of goods traded in India's modern economy.
2. Renewable Energy Now Included
Solar, Wind, and Nuclear electricity have been added to the basket for the first time. This is significant for exporters in energy-intensive sectors — their input cost movements will now be tracked more accurately.
3. Crude Oil and Gas Moved to Fuel & Power Group
Crude petroleum and natural gas have been shifted from 'Primary Articles' to 'Fuel and Power' — a more logical grouping that gives a cleaner read on energy price inflation for industries that import crude-linked inputs.
4. Better Weightage Methodology
Weights are now based on Gross Value of Output (GVO) — reflecting actual domestic production significance — instead of the old Net Traded Value method. This gives a more accurate picture of commodity importance from a producer's perspective.
5. Improved Missing Data Handling
The new 'Targeted Mean Imputation' method replaces the old 'Carry-forward' method, reducing distortions when price data is temporarily unavailable for specific commodities.
New Producer Price Index (PPI) — What Exporters Must Know
The shift from WPI to PPI is the bigger long-term change. Here is the key difference:
📌 WPI = tracks prices at the wholesale/trading level (includes trade and transport margins and taxes)
📌 Output PPI = tracks prices at the factory gate / producer level, using Basic Price (excludes taxes and margins)
📌 Input PPI = tracks what producers actually pay for raw materials at Purchaser's Price
For exporters, the Input PPI is particularly useful — it shows how inflation on raw materials and inputs is building up inside the production chain, which eventually affects export pricing and competitiveness. This is directly relevant for exporters tracking commodity costs, especially those whose products are covered under FTA preferential pricing.
Speaking of FTAs — exporters preparing for the India-UK FTA implementation in 2026 will need to track input costs carefully to maintain competitiveness once UK tariffs drop to zero.
What About Service PPI?
The Service PPI covers 7 key services in Phase 1: Banking, Securities Transaction, Insurance, Pension Fund Management, Railways, Air (Passenger), and Telecom. It is compiled on a quarterly basis.
For exporters who rely on freight, banking charges, and insurance in their trade costs — the Service PPI will, for the first time, give a systematic measure of how those service costs are moving. This is particularly useful for exporters claiming preferential duties under India-Oman CEPA and other FTAs, where cost competitiveness is directly linked to input and service costs.
Release Schedule — Mark These Dates
📅 June 15, 2026 at 12:00 noon — New WPI (2022–23 base) released by DPIIT
📅 June 15, 2026 — Output PPI and Service PPI (Q4 2025–26) released with 37-month back series (April 2023 to April 2026)
📅 From March 2026 onwards — Trial Input PPI for Manufacturing Sector published monthly on experimental basis
📅 5 years from June 15, 2026 — Old WPI (2011–12 base) discontinued; PPI becomes sole official benchmark
✅ Action Checklist for Exporters, Importers and Customs Brokers
□ Review all active export and import contracts that contain WPI-linked price escalation clauses
□ Check with your buyer or supplier whether contract language refers to WPI "2011–12 series" specifically — if so, renegotiate or add a transition clause
□ Note the Linking Factor that DPIIT will release on June 15 — this converts old WPI values to new series for continuity
□ Start tracking Output PPI and Input PPI from June 15 for better insight into your production cost movements
□ Inform your finance and costing team about the base year change before June 15
□ Customs brokers: note that WPI-referenced valuation benchmarks may need to be updated post June 15
The WPI base year revision is not a minor statistical update — it is a fundamental reset of India's official price benchmark. For Indian exporters and importers with WPI-linked contracts, the transition window opens June 15, 2026. Start reviewing your contracts now.
Source: PIB Press Release, Ministry of Commerce & Industry / DPIIT, June 2, 2026
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